clearance-sale-real-estate

From the Boston Globe:

Bankrupt mall operator General Growth Properties is planning to auction off more than 40 high-end condominiums attached to the upscale Natick Collection with minimum bids starting at $160,000, about 70 percent below previous asking prices.

The 215-unit project, known as Nouvelle at Natick, opened last year and was supposed to usher in a new era of suburban living – marrying shopping and luxury – without the hassles and high prices of the city. But with only 37 of the residences sold or under contract, GGP has hired Accelerated Marketing Partners to handle the auction of 42 units on Oct. 4 as a way to jump-start sales and get some desperately needed cash.

“The homes are rather spectacular, but clearly there was a disconnect between what the consumer wanted to pay and what the developer wanted to get,’’ said Jon Gollinger, East Coast chief executive and cofounder of AMP, who added that the auction will determine the value for the remaining 100-plus residences.

Nouvelle is one of about 10 major developments in Massachusetts that have hit the auction block as the housing market unraveled over the past few years. Developers, facing tight lending markets, overdue debt, and a slow housing recovery, have turned to auctioneers to sell off high-profile properties not in foreclosure. But Nouvelle is the first project that is using an auction as a grand opening sale of sorts, rather than as a way to cheaply sell the last few units.

Read more: Boston Globe Real Estate

Any predictions on which luxury condo development will be next?

File Under: Pre-Christmas Clearance Sale at the Mall

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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